How will web3 affect me?

By Riyanka with Boys Club

  1. Digital perks for fans of creators: Suppose you got a homemade CD from Taylor Swift back when she was singing for the high school talent show. That CD is probably worth a lot today. Now suppose Taylor Swift released digital copies of CDs or limited edition digital art and you got one. As her stardom grows, so does the value of your digital copy. Or suppose she released Taylor Tokens. If you own a certain amount you can get private access to perks reserved for her super fans. Back in 2005 these would have been cheap tokens, but man would these be expensive today. Or maybe instead of Scooter Braun owning Taylor’s masters, you as a fan could purchase ownership rights to catalogs and songs. The possibilities are endless and you as a fan are incentivized to discover creators, athletes, teams etc. early and support them continually.
  2. Ownership tokens for early adopters: Suppose you become an early customer of a new brand or business and tell all your friends about it. Sure maybe the company will give you an extra $10 for referring a friend, but if that company blew up in the next year the company is worth a lot more than $10. web3 allows for you as an early adopter to get ownership tokens that either represent actual underlying equity ownership or the ability to vote on measures. This works for businesses and for marketplaces, so for example if you decide to join a job marketplace as a cleaner, the more jobs you take the more tokens you get in addition to your fee.
  3. Ownership of your money: Don’t I already own my money? Well yes, but you have to give it to a bank to access it digitally. Additionally, for people in certain developing economies where central authorities have the power to both devalue the currency by spending heavily and then halt trading that currency for something more stable like USD, this allows people to store the value of their money outside of control of central authority. True ownership here can be a double-edged sword though, and just like if someone steals cash from under your bed, you can’t call bank customer service to return it to you, if you get hacked or don’t remember your passwords there is nothing you can do.
  • Great in-depth but easy to read guide on all things web3 by @katiewav
  • Great step-by-step curation on web3 topics by @CryptoSocietyS1
  • Most comprehensive summary of links by @JessicaLawson92
  • Great set of articles on the core ideas in web3 by @ljxie

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store